Nevada § 598.495 - Security required to be deposited by tour broker and tour operator: Form; term; amount; records; rejection for nonconformance; change in form; inadequate amount
Full text of Nevada Nevada Revised Statutes § 598.495 — Security required to be deposited by tour broker and tour operator: Form; term; amount; records; rejection for nonconformance; change in form; inadequate amount, with citation guidance and answers to common questions.
§ 598.495. Security required to be deposited by tour broker and tour operator: Form; term; amount; records; rejection for nonconformance; change in form; inadequate amount
1. Each tour broker and tour operator shall deposit with the Unit: (a) A bond executed by a corporate surety approved by the Commissioner and licensed
to do business in this state; (b) An irrevocable letter of credit for which the tour broker or tour operator is
the obligor, issued by a bank whose deposits are federally insured; or (c) A certificate of deposit in a financial institution which is doing business in
this state and which is federally insured or insured by a private insurer approved
pursuant to NRS 672.755 . The certificate of deposit may be withdrawn only on the order of the Commissioner,
except that the interest may accrue to the tour broker or tour operator. 2. The term of the bond, letter of credit or certificate of deposit, or any renewal
thereof, must be not less than 1 year. 3. The amount of the bond, letter of credit or certificate of deposit, or any renewal
thereof, must be $10,000. 4. If the tour broker or tour operator deposits a bond, the tour broker or tour operator
shall keep accurate records of the bond and the payments made on the premium. The records must be open to inspection by the Unit during business hours. The tour broker or tour operator shall notify the Unit not later than 30 days before
the date of expiration of the bond and provide written proof of the renewal of the
bond to the Unit. 5. The Commissioner may reject any bond, letter of credit or certificate of deposit
that fails to conform to the requirements of this chapter. 6. A tour broker or tour operator may change the form of security that he or she has
deposited with the Unit. If the tour broker or tour operator changes the form of the security, the Commissioner
may retain for not more than 1 year any portion of the security previously deposited
by the tour broker or tour operator as security for claims arising during the time
the previous security was in effect. 7. If the amount of the bond, letter of credit or certificate of deposit falls below
the amount required by this section, the tour broker or tour operator shall, within
30 days, increase the amount of the bond, letter of credit or certificate of deposit
to the amount required by this section.
Source: official Nevada text · Last verified 2026-08-27
Frequently Asked Questions About Nevada § 598.495
What does Nevada Revised Statutes § 598.495 cover?
Section 598.495 ("Security required to be deposited by tour broker and tour operator: Form; term; amount; records; rejection for nonconformance; change in form; inadequate amount") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 598.495?
A common citation format is "Nevada Revised Statutes § 598.495" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 598.495 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.